12-10-2012, 03:59 PM
7P’s of Marketing Mix of Bank of Baroda
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The Bank of Baroda was established in the year 1908 in Baroda. Ever since its inception, the bank has been growing and expanding its branches successfully. At the turn of a century, the bank has its presence in 25 countries across the world. Bank of Baroda has progressively taken a step towards commitment and values by providing uncompromising standards of service to its customers, stakeholders, employees and the like. The initial capital invested was Rs. 10 Lakhs. The Maharaja was none other than Sayajirao Gaekwad who, with his visionary insight, planned the beginning of a reputed journey which over the years, came to be known as Bank of Baroda.
It is interesting to note that during the period of 1913 to 1917; almost 87 banks in India succumbed to a financial crisis. However, the Bank of Baroda survived the economic depression by dint of its financial integrity, business prudence and concern uncompromising concern about its customers and clients. This has transcended down to the present ages and has become the motto of the bank.
7P’s of Marketing of Bank of Baroda:
1. Products and Services: Bank of Baroda provides various banking products and services to its customers. They are as follows:
• Retail Banking
• Rural/Agri Banking
• Wholesale Banking
• SME Banking
• Wealth Management
• Demat
• Product Enquiry
• Internet Banking
• NRI Remittances
• Baroda e-Trading
• Interest Rates
• Deposit Products
• Loan Products
• ATM / Debit Cards
Price:
The pricing decisions or the decisions related to interest and fee or commission charged by banks are found instrumental in motivating or influencing the target market. The RBI and the IBA are concerned with regulations. The rate of interest is regulated by the RBI and other charges are controlled by IBA. The pricing policy of a bank is considered important for raising the number of customers’ vis-à-vis the accretion of deposits. Also the quality of service provided has direct relationship with the fees charged. Thus while deciding the price mix customer services rank the top position.
Place:
The Bank of Baroda has good location across the country. Bank of Baroda has an extensive network of 3082 branches spanning the length and breadth of the country. There is a branch in the vicinity of everyone in need of a banking solution.
With a customer centric approach of being operational 24 hours a day, across 25 countries, the bank branches are the last door you will have to knock while on the lookout for an answer to your queries.
Promotion:
Promotion is nothing but making the customer more and more aware of the services and benefits provided by the bank. Bank of Baroda uses a lot of new technology to communicate to their customers. Two of the fastest growing modern tools of communicating with the customers are:
• Internet Banking
• Mobile Banking
Public Relations:
In today’s competitive scenario developing strong public relations is very important for any bank to be successful. Most banks today have a separate Public Relations department. However primarily it is considered as a responsibility of the various bank managers to develop a steady and strong relationship with their present customers as well as potential customers. Bank of Baroda keeps good relations with their customers by a constant follow up, small programmes etc.
People:
Bank of Baroda has always had an immense faith in the infinite potential of its people. This has been historically demonstrated in its recruitment practices, developmental initiatives, placement processes and promotion policies. Strategic HR interventions like, according cross border and cross cultural work exposure to its managers, hiring diverse functional specialists to support line functionaries and complementing the technical competencies of its people by imparting conceptual, managerial and leadership skills, gave the Bank competitive advantage. The elaborate man management policies also made the Bank a breeding ground for business leaders. The Bank provided around a dozen CEOs to the industry- men who went on to build other great institutions. People initiatives were blended with IR initiatives to create an effectively harmonious workplace, where everyone prospered.